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KPMG in China joins PCAF as accredited partner to accelerate sustainability in financial service
Accreditation reinforces KPMG’s commitment to advancing best practices in carbon accounting
Accreditation reinforces KPMG’s commitment to advancing best practices in carbon ...
15 December 2025, Hong Kong (SAR), China (“Hong Kong”) – KPMG in China has deepened its commitment to supporting its clients’ sustainability goals by becoming an accredited partner of PCAF (the Partnership for Carbon Accounting Financials), a globally recognised standard-setter that helps financial institutions improve how they measure and manage financed emissions.
KPMG’s accreditation follows a recent update to the PCAF Standard1, which now enables more comprehensive tracking of emissions across a wider range of financial products. This will enhance KPMG’s carbon accounting services, including financed emissions calculations, net-zero strategy development for lending and investment portfolios, carbon assurance services, and support with sustainability disclosure requirements.
Daisy Shen, Head of ESG at KPMG in China, says:
Becoming an accredited PCAF partner is an important milestone in KPMG’s support for a more transparent, resilient financial system. By combining PCAF’s robust Standard with KPMG’s deep experience in climate risk assessments, decarbonisation strategy, and reporting, we can help financial institutions measure financed emissions with greater confidence and turn insight into action.
Ivan Frishberg, President of PCAF, says:
PCAF is delighted to welcome KPMG as an accredited partner. KPMG’s combination of climate expertise, data capabilities and sector knowledge make them a highly valuable partner for the finance industry. Working together, we can make high-quality financed-emissions accounting more accessible, and support financial institutions in bringing rigour and innovation to carbon management in an opportunity-rich financial system.
Thea Tiange Wei, Asia Pacific Lead for PCAF, says:
The Asia Pacific and Greater China region is significantly growing its capacity for carbon accounting and climate action. With expert partners like KPMG in China who we have built an even more powerful team to support our leading financial institutions, our Accredited Partner program properly equips and vets financial industry service providers to deliver the highest quality support for the industry.
Clear reporting and measurement key to net zero
Sustainability continues to be a priority for policymakers worldwide. In recent years, China’s major stock exchanges have tightened requirements for climate-related disclosures2, aligning closely with ISSB standards. This includes more granular greenhouse gas emissions data, climate risk assessments, and the integration of climate considerations into corporate strategy and governance. Robust measurement and transparent reporting are essential to meet these expectations.
Angus Choi, Partner, ESG Advisory at KPMG in China, explains:
Currently, many financial institutions still limit their financed emissions reporting to selected sectors, which makes it difficult to build a complete view across all lending activities. Accurate measurement and transparency are essential for banks to maintain credibility and avoid accusations of greenwashing. Our accreditation with PCAF equips us with more comprehensive tools to help financial institutions build trust and make meaningful progress in managing their financed emissions and achieving their targets.
A recent KPMG report3 found that over half of Hong Kong-listed companies have yet to disclose their Scope 3 emissions, mainly due to data challenges. Scope 3 emissions represented about 70% of total greenhouse gas emissions for most companies surveyed, underscoring the importance of improving data coverage and quality.
Richard Bernau, Global ESG Lead, Banking & Capital Markets, KPMG International, says:
Climate transparency is not just a compliance exercise; it is a source of competitive advantage. By combining KPMG’s sector insights with PCAF-aligned methodologies, we can help clients better identify transition risks and, critically, the growth opportunities in financing decarbonisation.
-Ends-
1 The PCAF Standard provides a comprehensive methodology for financial institutions to measure and report greenhouse gas emissions associated with their lending and investment activities.
2 China Stock Exchanges Finalised Mandatory Sustainability Reporting Requirements for Larger Listed Entities;
Driving Change: Climate Disclosure of Hong Kong Listed Companies in Key Sectors and the Road Ahead
3 Driving Change: Climate Disclosure of Hong Kong Listed Companies in Key Sectors and the Road Ahead
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About PCAF
The Partnership for Carbon Accounting Financials is an industry-led initiative. Created in 2015 by Dutch financial institutions, PCAF extended to North America in 2018 and scaled globally in 2019. Committed to the measurement and disclosure of the absolute GHG emissions of their portfolios, this industry-led initiative has rapidly expanded in North America, Latin America, Europe, Africa, and Asia Pacific, with more than 680+ financial institutions participating in PCAF. Established to promote a harmonized approach to accounting and disclosure, PCAF provides standardized methodologies that help financial institutions assess the GHG emissions associated with their portfolio of loans, investments, (re)insurance underwriting, and other financial products and services. Financial institutions collaborate to improve GHG methodologies for the industry, forming a community focused on shared knowledge and action.